Bitcoin Jumps on Optimism for Spot ETF After SEC Declines to Appeal Grayscale Ruling

The SEC decided not to appeal the recent court ruling that went against it in the Grayscale Bitcoin Trust case, clearing the way for a spot bitcoin ETF.

Bitcoin's price jumped 4.5% on Monday morning in Asia on optimism that a bitcoin spot ETF could get approved soon in the U.S.

Shares in Grayscale's Bitcoin Trust (GBTC) traded at a 15.87% discount to net asset value on Friday, the lowest level since December 2021.

Australia expects to release draft crypto legislation covering licensing and custody rules for exchanges by 2024, with a 12-month transition period once passed into law.

The ratio of bitcoin perpetual futures open interest to market cap has risen recently, signaling increased leverage used in the market in anticipation of the SEC's decision.